Sunridge Gold Corp

Published : April 15th, 2015

Sunridge Provides Update on the Asmara Project, Eritrea

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Keywords :   Australia | Copper | Debt | Diamond | Eritrea | Gold | Recovery | Silver | Zinc |

Sunridge Provides Update on the Asmara Project, Eritrea

VANCOUVER, BC / ACCESSWIRE / April 15, 2015 / Sunridge Gold Corp. (the "Company" or "Sunridge") (TSX VENTURE:SGC, OTCQX:SGCNF) is pleased to provide an update on current field work and other activities on the Asmara copper/zinc/gold/silver project in Eritrea. The Asmara Project is held by the Asmara Mining Share Company ("AMSC") a joint-venture company of which Sunridge owns 60% and the Eritrean National Mining Corporation ("ENAMCO") owns 40%. The Asmara Project comprises six defined deposits, four of which are the subject of a feasibility study completed in May 2013 and are currently in the permitting process.

Mining License Update

As part of the process of issuing the Asmara Project mining license the Ministry of Energy and Mines ("MEM") was obligated to complete an independent engineering due diligence review of both the Asmara Project Feasibility Study and the Company's Social and Environmental Impact Assessment ("SEIA") submitted for review in January 2015. This MEM review is now complete and the results have been provided to AMSC and Sunridge. Sunridge management is very pleased with the positive findings and recommendations. Sunridge is confident the mining license will now follow in due course, within the first half of 2015, which will allow AMSC to stay on track for its development schedule for the Direct Shipping Ore first phase of development of the Asmara Project.

Exploration Update

While most of the Company's focus and efforts have been on permitting the four projects in the Feasibility Study and moving them towards production, limited low-cost exploration work has also continued on the Asmara Project. The recent exploration work was focused on the two "pipeline" deposits on the Asmara Project; the Kodadu volcanogenic-massive-sulphide ("VMS") deposit and the Adi Rassi copper-gold deposit. Both deposits have Inferred mineral resources and are open for expansion. Details of the current resources can be seen at the end of this news release. The work recent has focused on defining new areas of mineralization to direct future expansion drilling.

"Although much of management's recent attention has been on the permitting process for the development of the Asmara Project, it is important to remember that significant exploration potential remains on the project," states Michael Hopley, Sunridge President and CEO. "The area has clearly shown to be a proficient VMS district and we fully expect to see the expansion of known mineralized areas and the discovery of new deposits in the future."

Kodadu

A total of 14 east - west oriented channels were cut with a portable Diamond saw totaling 318.48 meters across the Kodadu VMS gold oxide zone structures to define future drill targets. These structures has now been defined over a total strike length of 1,350 meters (see map). The more significant intervals from the sampling of these channels are listed below:


A total of 10 lines of AMT (Audio-Magneto-Telluric) geophysical survey were also completed across the Kodadu VMS system, to define the massive sulfide conductors occurring beneath the oxide gold zone gossans which represent potential drill targets. The AMT data is in final processing.

Adi Rassi

In order to increase the size of the defined mineralization at Adi Rassi the recent focus has been on the South Hill area where copper mineralization can be seen at surface but is not included in the current resource estimate. A total of four east-west oriented trenches totaling 367 meters were dug to bed-rock with a back-hoe and rock samples taken from the trenches by hand to define future drill targets. Below are the assay results from these four trenches:


This trenching program has now defined the copper and precious metal mineralization at Adi Rassi South Hill over a strike length of over 150 meters with an average width of 70 meters (see map).

Notes:

1. All Kodadu assays reported are from channel samples that were cut into bedrock by a hand-held Diamond circular saw. The channels were about 5 centimeters in width and approximately 2 centimeters in depth. All samples from Adi Rassi were taken by hand from bedrock at the bottom of the four new trenches.

2. A Quality Assurance/Quality Control program was part of the sampling program on the Kodadu and Adi Rassi projects. This program includes chain of custody protocols as well as systematic submittals of standards, duplicates and blank samples into the flow of samples produced by the sampling.

3. Samples were prepared at African Horn Testing Services (Eritrea) and analyzed at Genalysis Laboratories (a NATA registered laboratory) in Perth, Western Australia.

4. True widths of the intervals reported for both Kodadu and Adi Rassi are estimated to be approximately 90% of the reported intervals.

5. The results of the Kodadu and Adi Rassi sampling programs have been reviewed by Michael J. Hopley, the Qualified Person for Sunridge. Mr. Hopley is also the person responsible for preparation of the technical information contained in this news release and is President and Chief Executive Officer of Sunridge.

About Sunridge:

Sunridge is a mineral exploration and development company focused on the acquisition, exploration, discovery and development of base and precious metal projects on the Asmara Project in Eritrea. Sunridge currently has approximately 210 million shares outstanding and trades on the TSX Venture Exchange under the symbol SGC. For additional information on the Company and its projects please view the slide show on our website at www.sunridgegold.com or call Greg Davis at the number listed below.

SUNRIDGE GOLD CORP.

"Michael Hopley"
Michael Hopley, President and Chief Executive Officer

For further information contact:

Greg Davis, VP Business Development

Current resources for the Kodadu and Adi Rassi Deposits

Kodadu - Inferred Mineral Resource Estimate (David Thomas P. Geo., Fladgate Exploration Consulting Corp. - Effective Date 20 May, 2013)

Footnote: Inferred mineral resource estimates are not Mineral Reserves and as such do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resource will be upgraded to Indicated or Measured mineral resources categories or that it will be converted into Mineral Reserve until the required studies have been completed. The quality and grade estimates of reported Inferred mineral resources are uncertain in nature and there has been insufficient exploration work to define the Inferred mineral resources as Indicated and Measured mineral resources and it is uncertain if further exploration work will result in upgrading them to Indicated or Measured mineral resource categories. See Sunridge news release dated May 23, 2013 where further details of methodology and assumption for this resource estimate can be found.

Adi Rassi - Inferred Mineral Resource Estimate (David Thomas P. Geo., Fladgate Exploration Consulting Corp. - Effective Date 1 December 2012)

Footnote: Cut-off calculation is based on prices and costs provided by Sunridge. The open pit Inferred mineral resource estimate is reported at a copper equivalent cut-off of 0.21% within a Lerchs-Grossman resource pit shell optimized on copper, gold and silver grades with metal prices of $3.75/lb of copper, $1,700/oz gold and $32/oz silver. Assumed metallurgical recoveries are 95%, 70% and 70% for copper, gold and silver respectively. Mining costs are assumed to be $1.75 /t. The underground Inferred mineral resource estimate is reported at a copper equivalent cut-off of 0.72% within a grade shell based upon an underground mining cost of $40/t. The contained metal figures shown are in situ. No assurance can be given that the estimated quantities will be produced. All figures have been rounded to reflect accuracy and to comply with securities regulatory requirements. Summations within the tables may not agree due to rounding. Fladgate undertook quality assurance and quality control studies on the mineral resource data for the Adi Rassi project. Fladgate concludes that the collar, survey, assay and lithology data are adequate to support mineral resource estimation. CIM Definition Standards describe that Mineral Resource Estimates are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resource will be upgraded to Indicated or Measured mineral resources categories or that it will be converted into Mineral Reserve until the required studies have been completed. The quality and grade estimates of reported Inferred mineral resources are uncertain in nature and there has been insufficient exploration work to define the Inferred mineral resources as Indicated and Measured mineral resources and it is uncertain if further exploration work will result in upgrading them to Indicated or Measured mineral resource categories. See Sunridge news release dated December 4, 2012 where further details of methodology and assumption for this resource estimate can be found.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate," "estimate," "suggest," "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Forward looking statements may include the timing and success of any application for a mining license, permitting or of debt financing. Risk and uncertain factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans to continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, a mining license, or debt financing, uncertainties in negotiating commercial arrangements with government entities; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

SOURCE: Sunridge Gold Corp

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Sunridge Gold Corp

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CODE : SGC.V
ISIN : CA86769Q1028
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Sunridge Gold is a gold producing company based in Canada.

Sunridge Gold produces gold, copper, silver and zinc in Eritrea, develops gold and silver in Eritrea.

Its main asset in production is ASMARA in Eritrea, its main asset in development is DEBARWA in Eritrea and its main exploration property is BESAKOA in Madagascar.

Sunridge Gold is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 15.7 millions as of today (US$ 12.6 millions, € 11.0 millions).

Its stock quote reached its highest recent level on November 07, 2003 at CA$ 6.50, and its lowest recent point on March 20, 2020 at CA$ 0.03.

Sunridge Gold has 209 950 000 shares outstanding.

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